Gap Inc. said it plans to close about 21% of its North American Gap brand stores between now and the end of 2013, a huge retreat for the retailer and a looming headache for mall owners already beset with vacancies.Gap plans to reduce its North American store count to 700 by year-end 2013, down from 889 now, excluding outlet stores.
It has been decreasing its North American store count over the past few years, but hadn't disclosed the exact percentage it would cut in the next two years until Thursday.
Gap continues to struggle with its domestic business in the U.S. Gap's profit fell 19% in its most recent quarter. In North America, sales at namesake and Banana Republic stores fell 3% and 2%, respectively, while Old Navy same-store sales were flat.
Read More: http://shopping.yahoo.com/articles/yshoppingarticles/713/gap-to-close-21-of-north-american-stores/
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